Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 866-996-FUND. The Funds impose a 2.00% redemption fee on shares held 30 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

Institutional Class shares of the Intrepid Income Fund commenced operations on August 16, 2010. Performance shown prior to August 16, 2010 reflects the performance of Investor Class shares, which commenced operations on July 2, 2007, and includes expenses that are not applicable to and are higher than those of Institutional Class shares. The Investor Class shares of the Intrepid Income Fund closed on 1/31/14.

Per the Prospectus dated January 31, 2017, the annual operating expense (gross) for the Endurance Fund-Investor Shares is 1.46%, Capital Fund-Investor Shares is 1.45%, Disciplined Value Fund-Investor Shares is 1.34%, International Fund-Investor Shares is 2.50% and Select Fund-Investor Shares is 3.02%. The Fund's Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses until January 31, 2018 such that Net Expense Ratio for the Disciplined Value Fund-Investor Class is 1.30%, International Fund-Investor Class is 1.40% and Select Fund-Investor Class is 1.40%. Additionally the Fund's Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses such that the total operating expense for the Capital Fund-Investor Class is 1.15% and Endurance Fund-Investor Class is 1.15%. The Capital Fund-Investor Class and Endurance Fund-Investor Class may have Net Expense higher than these expense caps as a result of any sales, distribution and other fees incurred under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), acquired fund fees and expenses or other expenses (such as taxes, interest, brokerage commissions and extraordinary items) that are excluded from the calculation. As a result of the calculations, the Net Expense for the Capital Fund-Investor Class is 1.40% and Endurance Fund-Investor Class is 1.40%.

Per the Prospectus dated January 31, 2017, the annual operating expense (gross) for the Endurance Fund-Institutional Shares is 1.21%, Capital Fund-Institutional Shares is 1.20% and Income Fund-Institutional Shares is 1.03%, The Fund's Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses until January 31, 2018 such that the total operating expense for the Endurance Fund-Institutional Class is 1.15%, Capital Fund-Institutional Class is 1.15% and Income Fund-Institutional Class is 0.90%. The Net Expense for the Endurance Fund-Institutional Class is 1.15%, Capital Fund-Institutional Class is 1.15% and Income Fund-Institutional Class is 0.92%. The Net Expense Ratio represents the percentage paid by investors. Otherwise, performance shown would have been lower.

The Intrepid International Fund and the Intrepid Select Fund are non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer). A non-diversified Fund's shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, a non-diversified Fund may be more sensitive to economic, business and political changes, because of the larger impact of fluctuation in the values of securities of fewer issuers. The Intrepid Capital, Endurance, Select and International Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Intrepid Capital, Income and Disciplined Value Funds invest in debt securities, which typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investment by these Funds in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Funds may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks of owning ETFs generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly. ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks.

Diversification does not guarantee a profit or protect from loss in a declining market.

An investment in Intrepid FA Prime Obligations Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money in these funds.

Investment performance reflects fee waivers. In the absence of waivers, total return would be reduced.

Mutual fund investing involves risk. Principal loss is possible.

The Funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 866-996-FUND (3863).